Iron ore use drives Ferrexpo

Ukrainian iron ore producer Ferrexpo yesterday posted an 86 per cent jump in core profit in the first half, in line with expectations, and said demand for the key steelmaking ingredient is expected to remain strong in the medium term. Pre-tax earnings surged to a record $401m (£244m) on a 50 per cent increase in iron ore prices and a 1.2 per cent rise in higher grade pellet production.